London Stock Exchange suspends more Russian firms

The London Stock Exchange said on Friday it had suspended the trading of several Russian companies, including Sistema and Magnit, as exchanges scale back their exposure to Russia.

“The London Stock Exchange notes the ongoing deterioration of market conditions since March 2 2022, and in order to maintain orderly markets, the exchange has suspended theadmission to trading of the instruments,” it said in a statement.

Britain, the European Union and the United States are rolling out financial sanctions on Russia to prevent its companies from using Western markets to raise funds, prompting exchanges and settlement houses to cut ties with Moscow.

The LSE suspended global depositary receipts (GDRs) – which represent shares in a foreign company – for eight companies after it froze trading in 28 firms on Thursday.

LSE CEO David Schwimmer said on Thursday the suspension of the remaining firms would depend on further sanctions or an inability to maintain an orderly market in them.